Kitty Hawk had previously tested another flying vehicle prototype called the "Flyer" last April. It looked less like a car than a jet ski with wings.

Several other companies, including Uber and Airbus, are also racing to commercialize flying taxis. The vehicles more often look like small planes than flying cars. Like Kitty Hawk's Cora, many rely on drone technology and vertical takeoff and landing, so they don't need a runway.

Airbus'(EADSY) flying car prototype -- the Vahana -- made its maiden flight in Oregon last month. Executives said they hope to have a marketable version of Vahana ready to sell in 2020.